Quarterly report [Sections 13 or 15(d)]

Consolidated Balance Sheets (Unaudited)

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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
CURRENT ASSETS    
Cash and cash equivalents $ 153,485 $ 540,203
Commissions and fees receivable – net 439,796 389,758
Fiduciary cash and receivables 3,747,095 3,739,727
Prepaid incentives – net 10,112 9,219
Other current assets 96,353 109,951
Total current assets 4,446,841 4,788,858
NON-CURRENT ASSETS    
Goodwill 3,129,889 2,646,676
Customer relationships 1,508,880 1,392,048
Other intangible assets 110,978 83,674
Prepaid incentives – net 16,809 17,442
Equity method investments 101,845 70,877
Property and equipment – net 69,790 50,209
Lease right-of-use assets 134,513 133,256
Deferred tax assets 318,076 448,289
Other non-current assets 14,237 18,589
Total non-current assets 5,405,017 4,861,060
TOTAL ASSETS 9,851,858 9,649,918
CURRENT LIABILITIES    
Accounts payable and accrued liabilities 257,493 249,200
Accrued compensation 360,614 486,322
Operating lease liabilities 24,565 22,107
Tax Receivable Agreement liabilities 25,320 0
Short-term debt and current portion of long-term debt 41,814 51,732
Fiduciary liabilities 3,747,095 3,739,727
Total current liabilities 4,456,901 4,549,088
NON-CURRENT LIABILITIES    
Accrued compensation 75,881 49,362
Operating lease liabilities 159,263 159,231
Long-term debt 3,349,380 3,231,128
Tax Receivable Agreement liabilities 447,904 436,296
Deferred tax liabilities 37,718 39,922
Other non-current liabilities 92,940 86,606
Total non-current liabilities 4,163,086 4,002,545
TOTAL LIABILITIES 8,619,987 8,551,633
STOCKHOLDERS’ EQUITY    
Preferred stock ($0.001 par value; 500,000,000 shares authorized, 0 shares issued and outstanding at September 30, 2025 and December 31, 2024) 0 0
Additional paid-in capital 490,284 506,258
Retained earnings 128,849 122,939
Accumulated other comprehensive income (loss) 11,076 (1,796)
Total stockholders’ equity attributable to Ryan Specialty Holdings, Inc. 630,473 627,662
Non-controlling interests 601,398 470,623
Total stockholders’ equity 1,231,871 1,098,285
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 9,851,858 9,649,918
Class A Common Stock    
STOCKHOLDERS’ EQUITY    
Common stock 129 125
Class B Common Stock    
STOCKHOLDERS’ EQUITY    
Common stock 135 136
Class X Common Stock    
STOCKHOLDERS’ EQUITY    
Common stock $ 0 $ 0